Onward
Funding of £25m Secured by Superdry from Hilco to Drive Revival Strategy
Superdry has finalized up to £25m in funding from restructuring expert Hilco Capital to support its revival strategy.
The fashion seller announced on Monday that it had reached a secondary facility in addition to its existing £80m asset-backed loan with Bantry Bay Capital.
The agreement with Hilco has a duration of 12 months with the possibility of extension, and carries an interest rate of 10.5% in addition to the Bank of England base rate on the drawn element.
Superdry stated that the funding will expedite its revival strategy and £35m cost reduction plan, which was introduced back in April.
This agreement follows several efforts from the seller to fortify its balance sheet, including an equity raise of £11.1m in May.
The seller, which has encountered challenges in recovering from the pandemic, retracted its previously announced “broadly breakeven” full-year profit outlook in April due to ongoing underwhelming retail sales.
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